Egypt: Fawry sees 111% higher consolidated net profits in H1-24

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Fawry for Banking Technology and Electronic Payments logged 111.10% higher consolidated net profits at EGP 685.91 million in the first half (H1) of 2024.

The recorded net profits were compared to EGP 324.84 million in H1-23, according to the consolidated financial results.

Revenues hit EGP 2.29 billion in January-June 2024, up 59.20% year-on-year (YoY) from EGP 1.44 billion.

In H1-24, the basic earnings per share (EPS) hiked to EGP 0.18 from EGP 0.08 in H1-23.

Total assets hiked to EGP 13.14 billion at the end of June 2024 from EGP 8.97 billion as of 31 December 2023.

Standalone Financials

Fawry recorded an annual rise in standalone net profit after tax to EGP 592.41 million during January-June 2024, compared to EGP 273.95 million.

In the first six months (6M) of 2024, the revenues grew to EGP 1.51 billion from EGP 985.75 million in H1-23, while the basic and diluted EPS climbed to EGP 0.17 from EGP 0.08.

Results for Q2

The consolidated net profits hiked by 92.70% YoY to EGP 352.19 million in the second quarter (Q2) of 2024 from EGP 182.79 million, while the revenues jumped by 57.70% to EGP 1.12 billion from EGP 768.47 million.

Non-consolidated net profits soared to EGP 287.22 million in Q2-24 from EGP 133.86 million a year earlier, whereas the net revenues increased to EGP 788.39 million from EGP 526 million.

Ashraf Sabry, CEO of Fawry, commented: “Fawry’s top-line recorded a solid 57.7% YoY increase in Q2-24, while profitability remained robust with an impressive EBITDA margin of 47% (+7.3 points), and bottom-line growth of 101.3%, with an associated margin enhancement of 5.7 percentage points to 26.5%.”

The EGX-listed firm recorded higher consolidated net profit after tax at EGP 333.71 million in Q1-24, compared to EGP 142.05 million in Q1-23.